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aig received more than $180 million in bailouts. joining us live is eric dash, business reporter for the "new york times." what exactly is the process going to look like? >> over the past few weeks, kenneth feinberg has been meeting with these banks and automakers and saying look, here's what you need to provide. tomorrow, they're going to be handing in those materials. he's going to be looking at the top 25 earners from last year at the companies and then he's going to be able to look at the next 75 top earners and how compensation is set for those. it's about 100 people at the companies. >> so how much money did you bring in, your compensation and how much fairness is there. >> and is it guaranteed. did you have a contract in advance that said we're going to pay you this amount no matter how you perform. >> but the issue is about this guy at citigroup who ran an energy fund who made a lot of money. he made a lot of money for the firm and he had a contract that said, you get a cut of what you make and i mean, that's -- a deal's a d
aig received more than $180 million in bailouts. joining us live is eric dash, business reporter for the "new york times." what exactly is the process going to look like? >> over the past few weeks, kenneth feinberg has been meeting with these banks and automakers and saying look, here's what you need to provide. tomorrow, they're going to be handing in those materials. he's going to be looking at the top 25 earners from last year at the companies and then he's going to be able...
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Aug 6, 2009
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i feel like over and over again bring up aig the bonuses, people still get the bonuses and get to keep them. in fact they are more than we originally heard about. we hear frustrations about t.a.r.p. funds, same folks handing out bonuses and say they will. do you think anything will happen or is the fix in? >> one of the things you have to throw into the mix is the unintended consequences. there's a lot of talk about executive bonuses at aig a few months ago, everybody -- there was a lot of blowback on wall street about participating in some of these government programs, because they didn't want their own pay reigned back. they didn't want to participate in the programs where the private sector works with the public sector because they don't want the money touched. >> i have to leave it there. congressman, please promise you'll join us again soon. >> i'll be happy too. >> on the website, twitter.msnbc.com, you'll see my picture there. click it, follow the ling to my twitter page. coming up next, bill clinton returns to high-profile diplomacy. was this a one and om for the obama administ
i feel like over and over again bring up aig the bonuses, people still get the bonuses and get to keep them. in fact they are more than we originally heard about. we hear frustrations about t.a.r.p. funds, same folks handing out bonuses and say they will. do you think anything will happen or is the fix in? >> one of the things you have to throw into the mix is the unintended consequences. there's a lot of talk about executive bonuses at aig a few months ago, everybody -- there was a lot...
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we're seeing strength in what you might call the weaker financial stocks, like aig and citi and a pullback on bigger, well-known stocks, bigger banks, showing weakness. again, today investors really awaiting on the jobs reports tomorrow. they are look for more information that would suggest a rally that we have seen off the march lows should continue and an important component would be a stronger than expected unemployment report. >> i appreciate the wrap-up. >>> sonia soto, it's sort of a fore gone conclusion. when are we expecting this to happen? >> about 3:00 eastern time. it's a bit of an anticlimax. remember when she was first nominated late in the spring, there was all kinds of cry from opponents, primarily that wise latina remark. if you remember when this vacancy first became apparent, her name was first floated among many proponents who liked not only her judicial philosophy, but her rags to riches tale. many were very much in her corner and stayed there, even throughout the attacks on that remark. other things that have come down the pipe, her ruling in the matter of the connecti
we're seeing strength in what you might call the weaker financial stocks, like aig and citi and a pullback on bigger, well-known stocks, bigger banks, showing weakness. again, today investors really awaiting on the jobs reports tomorrow. they are look for more information that would suggest a rally that we have seen off the march lows should continue and an important component would be a stronger than expected unemployment report. >> i appreciate the wrap-up. >>> sonia soto, it's...
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products enterprise there. >> can we stop on aig a second? what really -- what i love about aig is there is no better way to steal money than an insurance scam. because if i want to steal money on the street, i got to get a gun and harass people or if i want to burglarize, i have to break in. but an insurance scam they send you the money willingly up front which is absolutely genius. it's very clever. they send you the checks. >> you know, they weren't the biggest -- or nothing. >> i know, exactly. moving on. you were saying before the commercial and you were talking about not just the tax cheats and getting the tax cheats but the whole tax structure. >> the whole thing, sure, it's the largest decrease in tax receipts since the great depression. it's the biggest financial crisis since the great depression. we shouldn't pretend it's nothing but we're going after people who haven't been paying their tax in the boom years. you know, the irs is fully enabled to do that right now. and we have to keep it in perspective because, you know, i think th
products enterprise there. >> can we stop on aig a second? what really -- what i love about aig is there is no better way to steal money than an insurance scam. because if i want to steal money on the street, i got to get a gun and harass people or if i want to burglarize, i have to break in. but an insurance scam they send you the money willingly up front which is absolutely genius. it's very clever. they send you the checks. >> you know, they weren't the biggest -- or nothing....
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Aug 12, 2009
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does she want some secretary at aig who's now retired not to have health insurance? sometimes, it's hard to get at what would be acceptable to the people showing up and expressing concerns. i'm going to move on. we have a lot to get to. but we're going to keep an eye on cardin's event. in the meantime, you have robert gibbs defending how peaceful president obama's town hall meeting was yesterday. he said the media was disapointed the president was not shouted down. >> the president wanted to have what happened. which is a rational discussion about health care reform legislation. i think that's what ensued. did everybody agree? i think the answer to that is obviously no. >> as a member of the media, i can honestly say i was not disappointed that there was an honest dialogue happening in new hampshire, but he says it's actually highlighting the rowdy protest. >>> here are some of the big questions i'll try to get answers to this hour. is this really about the government getting too big and too powerful? will the vocal protests impede performance or inspire lawmakers to
does she want some secretary at aig who's now retired not to have health insurance? sometimes, it's hard to get at what would be acceptable to the people showing up and expressing concerns. i'm going to move on. we have a lot to get to. but we're going to keep an eye on cardin's event. in the meantime, you have robert gibbs defending how peaceful president obama's town hall meeting was yesterday. he said the media was disapointed the president was not shouted down. >> the president wanted...
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Aug 19, 2009
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why do we have to give aig and goldman sachs all of this money as the price for bailing out the financial system for keeping it afloat? these are the people who created this problem, who created a situation where americans are denied medical treatment, even when they have full medical coverage. they are forced to go into bankruptcy in order to be able to treat themselves. that's not okay. and we shouldn't be forced and mandated to buy insurance from these people as the price of having this happen. that wasn't what the president campaigned on and people are very emotionally attached to this. they are not going to give it up. and the progressives in their districts know now that they have to vote to represent their constituents, just like we were always told the blue dogs have to be allowed to vote their district. progressives with the 30-vote majority in their district towards the democrats need to know that they have to vote their districts, too. >> jane hamsher, founder and publisher of firedog lake, tonight's representative of the supposedly mythical liberal base. jane, it's great to ha
why do we have to give aig and goldman sachs all of this money as the price for bailing out the financial system for keeping it afloat? these are the people who created this problem, who created a situation where americans are denied medical treatment, even when they have full medical coverage. they are forced to go into bankruptcy in order to be able to treat themselves. that's not okay. and we shouldn't be forced and mandated to buy insurance from these people as the price of having this...
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>>> financial stocks are big gainers on the dow today with american express and bank of america and aig all moving higher. >>> major retailers released disappointing july sales report today that fell short of already low expectations. most retail stocks moved sharply higher on some encouraging earnings. that's it for cnbc, first in business worldwide. now back to "hardball." >>> welcome back to "hardball." a year ago barack obama's team was wrapping up a masterfully executed quest for the democratic nomination for president and sarah palin was about to become the republican's national superstar. today the obama team is struggling to sell health care and palin is sort of out of a job, isn't she? dan balz and haynes johnson are the authors of the great new book, the battle for america 2008, the story of an extraordinary election. what i like about it is you two pros have seen a few elections, especially haynes. you know what an extraordinary one looks like. what struck me in your book is how it came across the parts i read in the post crystal and clear. nothing complicated, nothing murky.
>>> financial stocks are big gainers on the dow today with american express and bank of america and aig all moving higher. >>> major retailers released disappointing july sales report today that fell short of already low expectations. most retail stocks moved sharply higher on some encouraging earnings. that's it for cnbc, first in business worldwide. now back to "hardball." >>> welcome back to "hardball." a year ago barack obama's team was...
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. >>> aig shares exploded soaring 27% after the ceo said he would not support a fire sale of company assets. >>> that's it from cnbc, first in business worldwide. now back to "hardball." >>> welcome back. our great friend mike barnicle is now with us. he's an msnbc contributor and also a great member of congress bill della hant is on now. he's at the kennedy library. you two gentlemen know what you're talking about. i want to start with bill delahunt, the congressman, if you could. i'm you're a member of the great general court of massachusetts, sir, but what will that assembly so wonderfully well applauded by mike barnicle this morning be able to do when the job seems so obvious. fill the seat of ted kennedy quickly, can they do it? >> well, they can do it, chris. will they do it i think there's some uncertainty. clearly, there's going to be a public hearing. i think they'll wait to see how the public reacts, but the question is will they make a decision to let massachusetts be represented in the united states senate for five months or will that seat just go empty and have massachus
. >>> aig shares exploded soaring 27% after the ceo said he would not support a fire sale of company assets. >>> that's it from cnbc, first in business worldwide. now back to "hardball." >>> welcome back. our great friend mike barnicle is now with us. he's an msnbc contributor and also a great member of congress bill della hant is on now. he's at the kennedy library. you two gentlemen know what you're talking about. i want to start with bill delahunt, the...
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remember, we had fannie and freddie may in their bailouts and the bank bailouts in the fall and then aig and then the car companies and the stimulus and i think people are just a little bit nervous. i think claire spoke to it directly. you got both sides but people are nervous. the government has just taken over too much of their lives and so they're expressing their outrage and i think they are nervous about their jobs. if they don't have a job, obviously, they probably don't have health care unless they're on medicare. but people are just nervous. >> congresswoman, it's always hard to be the party out of power, particularly a power in power so long. how do you assess how the republican party is doing at handling that role and what more would you like to see the republican party do this fall in terms of presenting ideas or however they ultimately want to engage in the larger public debate? >> personally, i think we should come out with concrete ideas. you know, i've been having town hall meetings on health care all year long and did mine over the fourth of july recess and also am the ho
remember, we had fannie and freddie may in their bailouts and the bank bailouts in the fall and then aig and then the car companies and the stimulus and i think people are just a little bit nervous. i think claire spoke to it directly. you got both sides but people are nervous. the government has just taken over too much of their lives and so they're expressing their outrage and i think they are nervous about their jobs. if they don't have a job, obviously, they probably don't have health care...
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how is that different i sell aig and i sell insurance on all of the loans in america, i cannot pay for any of the defaults but i keep a few hundred million dollars or billion dollars in bonuses and then when the hurricane of credit defaults comes, i stick the losses with the government. to me, it's a direct parallel to a housing foreclosure and to say it's a bad precedent to take an asset that was stolen back, it's like saying it's a bad precedent to take a piece of candy that a kid stole out of a candy store -- >> i got that, dylan. my concern is the government coming in and saying that a legally binding contract is no longer valid. >> we did that with -- these are bankrupt companies! when you bankrupt an enterprise -- >> jonathan! >> jonathan! >> valid. that's what bankruptcy does. >> wait a minute! >> these things are renegotiated all the time in business. >> exactly. >> and these things are not -- this is not like the 11th commandment that your employment contract with knever be renegotiated. >> particularly if we find out you're stealing. if we find our your contract is legalized
how is that different i sell aig and i sell insurance on all of the loans in america, i cannot pay for any of the defaults but i keep a few hundred million dollars or billion dollars in bonuses and then when the hurricane of credit defaults comes, i stick the losses with the government. to me, it's a direct parallel to a housing foreclosure and to say it's a bad precedent to take an asset that was stolen back, it's like saying it's a bad precedent to take a piece of candy that a kid stole out...
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. >>> aig is reporting its first quarterly profits since 2007. the troubled insurance giant says it made $1.8 billion in the second quarter. >>> "the new york times" has confirmed it's looking to sell "the boston globe." the globe lost $50 million in 2008. the times said the paper was on track to lose $85 million this year prior to union concessions. >>> some twitter uses are facing a new round of outages this time due to defensive measures the networking site took against a cyber attack they had. that attack knocked out service to more than 30 million users. ( upbeat music playing ) what do you say to a spin around the color wheel? to paint with primer already mixed in? test samples instead of can commitments? what do you say we dip into our wallets less and grab a hold of the latest tools out there so we can quit all that messing around with extra steps and get busy turning our doing dials up a notch? more saving. more doing. it's taken my time. time that i should have had to be with my family. it's like you're getting violated. these are uncer
. >>> aig is reporting its first quarterly profits since 2007. the troubled insurance giant says it made $1.8 billion in the second quarter. >>> "the new york times" has confirmed it's looking to sell "the boston globe." the globe lost $50 million in 2008. the times said the paper was on track to lose $85 million this year prior to union concessions. >>> some twitter uses are facing a new round of outages this time due to defensive measures the...
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. >>> shares of aig jumped more than 20% today after the insurer posted its first profit in seven quarters. earnings of $1.8 billion easily topped wall street expectations. >>> chiquita shares drawing more than 18% today with second quarter profits and revenues both exceeding expectations. the fed says consumers paid down their credit cards again in july reducing consumer debt for the fifth straight month. that's it for cnbc, first in business worldwide. now back to "hardball." >>> welcome back to congress. welcome back to "hardball." congress is closed for business for the rest of august while anti-health care protesters show up at town hall meetings across the country. check out this ad that's running in nebraska. >> now i hear that ben nelson, the senator that i voted for, is leading the charge to delay health reform this summer. that's exactly what they want. the health and insurance companies that have given senator nelson over $2 million know that if they can stall reform, they can kill it. i have to ask, senator, whose side are you on? if you're on my side, stay at work. my family c
. >>> shares of aig jumped more than 20% today after the insurer posted its first profit in seven quarters. earnings of $1.8 billion easily topped wall street expectations. >>> chiquita shares drawing more than 18% today with second quarter profits and revenues both exceeding expectations. the fed says consumers paid down their credit cards again in july reducing consumer debt for the fifth straight month. that's it for cnbc, first in business worldwide. now back to...
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health insurance benefits for american workers and that is -- >> my understanding is that that tax aigs, as you put it, is met with a deduction. in other words, that is simply a loophole in the tax code in order to achieve the affordability so that contessa and i can change jobs. so am i incorrect in that this is a tax game? this is not actually a new tax? in other words, i have to record it as taxable income and then i give you the deduction so that i can then back that out which now allows me the affordability. nothing i have to pay taxes under that plan. >> well, but the president -- first of all, i mean, the tax deduction for health benefits is something that has raised questions because the question is would that actually cover the cost of the health care that you need, but, you know, many good ideas that senator wyden and senator bennett's plans but the president likes his own plan which would fund health insurance reform mostly through savings, through money that is already in the system and also taking a look at some other sources of revenue. let's not forget one thing. you're t
health insurance benefits for american workers and that is -- >> my understanding is that that tax aigs, as you put it, is met with a deduction. in other words, that is simply a loophole in the tax code in order to achieve the affordability so that contessa and i can change jobs. so am i incorrect in that this is a tax game? this is not actually a new tax? in other words, i have to record it as taxable income and then i give you the deduction so that i can then back that out which now...
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up with too big to fail was because of lobbying money in the '90s that created again the ability for aig to sell the phony credit insurance and steal the money there. or this most recent example, jonathan, tim, i don't think the american people need that much more evidence that, at the very least, secret lobbizing a problem for all of us. i'm not going to say lob yilg should or shouldn't be but i will say lobbying should be totally transparent and cover our congress as a seven or eight-party system. tim, how do we go about making the activities of the lobbying community, these are the people that actually write our legislation, et cetera, in many cases, how do we make it more transparent so, at the very least, when we feel like we're getting screwed, we know why? >> well, the interesting thing here is bonner and associates, the lobbying firm behind this is a business model is specifically designed to avoid this kind of disclosure and they specialize in astroturfing going out to the country and trying to gin up support among regular people to move legislation, but because that support isn
up with too big to fail was because of lobbying money in the '90s that created again the ability for aig to sell the phony credit insurance and steal the money there. or this most recent example, jonathan, tim, i don't think the american people need that much more evidence that, at the very least, secret lobbizing a problem for all of us. i'm not going to say lob yilg should or shouldn't be but i will say lobbying should be totally transparent and cover our congress as a seven or eight-party...
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paulson dhivered 100 cents on the dollars by the billions of dollars of american taxpayer money through aig and goldman sachs and others. that there is still nothing done about too big to fail inside the banking system. lists of things that frustrate -- i don't care what your policy is, frustrate taxpayers relative to politicians. if republicans were in power how would you approach the banks differently and health care different? >> here is how i would do. i would make the lawmakers who vote on bills read them and not have them written by staff in the house and senate and by lobbyists is exactly what is happening. >> please. >> focus on health care and medicare and medicaid which is right with fraughtness management abuse and fix what you provide the public first. >> i guess what strikes me is the republicans had the opportunity. >> thank you. >> for eight years. >> thank you. >> to do these things and didn't do them. the republicans were the ones who were in power at the time that the banking agreement was made which is -- >> now they have all of the power and they can't get anything done.
paulson dhivered 100 cents on the dollars by the billions of dollars of american taxpayer money through aig and goldman sachs and others. that there is still nothing done about too big to fail inside the banking system. lists of things that frustrate -- i don't care what your policy is, frustrate taxpayers relative to politicians. if republicans were in power how would you approach the banks differently and health care different? >> here is how i would do. i would make the lawmakers who...
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again, that starts with bailouts of their stearns and the auto companies and aig and freddie mac and fannie mae and the 700 billion-dollar bailout of the banks and then i think my opinion is the $800 billion spending stimulus bill is simply not going to work and one of the things arthur and i have talked a lot about is for the price of that 800 to $0 trillion spending bill that we did we could have suspended the income tax for a year and i would make the case to everyone in this room that if we simply had gotten rid of the income tax for your we would see more jobs than you could imagine and i think the tragedy by the way of what we have done the last six months especially with the stimulus bill isn't so much we're taking on debt, i have never been one overly concerned about debt. the issue is what do you buy for the debt and the tragedy is we are not getting anything for this debt. we are putting solar panel in and buying a car for every bureaucrat and things like that but those are not going to have much of a return. we talk a lot in the book about what happened in the 70's, 80's a
again, that starts with bailouts of their stearns and the auto companies and aig and freddie mac and fannie mae and the 700 billion-dollar bailout of the banks and then i think my opinion is the $800 billion spending stimulus bill is simply not going to work and one of the things arthur and i have talked a lot about is for the price of that 800 to $0 trillion spending bill that we did we could have suspended the income tax for a year and i would make the case to everyone in this room that if we...
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out the financial and industry, and as a result, the merged logic majority takeover -- stakeholder of aig and citibank. it bailed out the housing industry, bail out all the makers and as a result is the majority shareholder in chrysler and have a big stake in gm. so the issue in the background is, how much government activity should there be in the private economy. as a result of that, the question of whether there should be a public auction, a public health insurance plan to compete with private insurers has become a centerpiece of the debate and it really was not the centerpiece before this year and a campaign last year was barely discussed. but now because of this public awareness that the government is taking on new roles in the economy, the question of whether it have on 244 now will go too far and health care has become a very big subject and one white house has to deal with and one that has given the republicans' opening for people who are nervous about that. host: the numbers on the screen, in case you want to call in. c-spanwj, is our twitter address. rick santorum, in a fund-rai
out the financial and industry, and as a result, the merged logic majority takeover -- stakeholder of aig and citibank. it bailed out the housing industry, bail out all the makers and as a result is the majority shareholder in chrysler and have a big stake in gm. so the issue in the background is, how much government activity should there be in the private economy. as a result of that, the question of whether there should be a public auction, a public health insurance plan to compete with...
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they have to stay at aig otherwise there's no way out. >> the post had an article about the too big to fail firms are bigger and more interconnected and everyone agrees that was the problem. that's how why we had a $700 billion bailout. it is not better but worse. >> i think i saw it on huffington post headline, city, bank of america and wells forgo own one out of three deposit dollars in america. that's -- >> that's "the economist." the return of the corporate giant. >> we need to reset. that's what we need to do. >> we'll continue this conversation in just a second. a quick break for news here. >>> we have live pictures for you right now from the jfk presidential library and museum where a public viewing will begin in about an hour for the late massachusetts senator ted kennedy. already an estimated 20,000 people have paid their respects. they did that in a service that stretched long into the night. thousands more are expected throughout the day. before a private invitation-only memorial this evening at 7:00 p.m. president obama will deliver a eulogy at tomorrow's funeral mass befor
they have to stay at aig otherwise there's no way out. >> the post had an article about the too big to fail firms are bigger and more interconnected and everyone agrees that was the problem. that's how why we had a $700 billion bailout. it is not better but worse. >> i think i saw it on huffington post headline, city, bank of america and wells forgo own one out of three deposit dollars in america. that's -- >> that's "the economist." the return of the corporate...
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they saved aig in a panic because they don't know what else to do, the big insurance company that might have played, turned into a casino gambler, go to congress, get $700 billion to bail out the banking system. those two weeks are where we hit a fork in the road. >> jack welch said to me he thinks ben bernanke is an american hero because of what he did in late september and in through the last quarter of last year. do you buy into that? >> i do. i do. i think what happened was two things happened. it's really interesting. one is here's a man spends his entire academic life thinking about how did the federal reserve make so many mistakes in the great depression that it turned a bad recession into a terrible depression, and so he's looking at this crisis through that lens. a lot of people think he's crazy but he looks at it through that lens so he is strangely prepared for this. it's like if we had some paleontologist looking at studying dinosaurs and one day a brontsauris and tyrannosaurus rex show up on the horizon. the other thing is our system, our laws weren't equipped for this and
they saved aig in a panic because they don't know what else to do, the big insurance company that might have played, turned into a casino gambler, go to congress, get $700 billion to bail out the banking system. those two weeks are where we hit a fork in the road. >> jack welch said to me he thinks ben bernanke is an american hero because of what he did in late september and in through the last quarter of last year. do you buy into that? >> i do. i do. i think what happened was two...
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government rest and then wait until the calamity comes, but you can ask where was the federal role in aig, and yet all those credit defaults swaps which related to the housing market among others resulted in huge federal intervention. nothing that anybody really anticipated before it happens. with respect to the mortgage industry we have used the federal government to facilitate the equity upon the broad international basis for a very long time, and on an increasing basis. i think our challenge is not to try to privatize our way away from that, but to narrow and focus what the federal role is and to make sure that the insurance that is coming guarantees that are being given are paid for and are priced of the front so that the system really insures itself rather than wait for the calamity and then go out looking for the taxpayer money for the bailout. we have gained a lot in this country by a broad liquidity function that the secondary market provides. we need to preserve that. we don't have to preserve the precise institutional structures that have provided in the past, but we have to pro
government rest and then wait until the calamity comes, but you can ask where was the federal role in aig, and yet all those credit defaults swaps which related to the housing market among others resulted in huge federal intervention. nothing that anybody really anticipated before it happens. with respect to the mortgage industry we have used the federal government to facilitate the equity upon the broad international basis for a very long time, and on an increasing basis. i think our challenge...